As with many other industries, technology has significantly affected the way that property and casualty insurance companies do business. Technology has had an impact on all facets of the insurance company, including marketing, underwriting, and pricing, as well as claims and customer service. Benefits of this technology have included processing many insurance transactions more efficiently; facilitating the collection, storage, and analysis of data related to the insurance process; and providing information on demand to end users.
This session will discuss various ways in which technology is used in the insurance industry, and how this technology is transforming the role of the actuary.
One such application of technology is the World Wide Web. One part of the session will discuss the state of online auto insurance. ,. Topics to be covered will include trends in online new business conversion, specifically over the past year with the economic situation; metrics for online acquisition and servicing; demographics of online quoters; finding profitable customers online; and more.